Project Eleven, which is working on blockchain-focused post-quantum security and migration for digital assets, announced it has raised $20 million in a Series A funding round, led by blockchain and cryptoasset venture firm Castle Island Ventures. Other investors include Coinbase Ventures, Fin Capital, Variant, Quantonation, Nebular, Formation, Lattice Fund, Satstreet Ventures, Nascent Ventures, and Balaji Srinivasan.
This follows a $6 million seed round in June 2025 led by Variant and Quantonation, with participation from Castle Island Ventures, Nebular, and Formation.
Project Eleven will use the funding to address the threat quantum computing poses to elliptic curve cryptography (ECC), the public-key standard used by networks such as Bitcoin. Although quantum computers are not powerful enough to do so today, some experts say we might see such Cryptographically Relevant Quantum Computers (CRQC) emerge within the next ten years.
To prepare for this, Project Eleven is collaborating with Solana Foundation and other leading protocols and Layer 1 ecosystems on post-quantum readiness planning and technical work, which includes readiness assessments and multi-stage migrations.
“As quantum capabilities advance, the stakes couldn’t be higher. We can’t afford to ignore this existential risk posed to the digital asset ecosystem,” said Alex Pruden, CEO and Co-Founder of Project Eleven. “Trillions in value depend on these cryptographic assumptions. Networks like Bitcoin take years to upgrade because they’re governed cautiously by design. We’re focused on making the transition practical now, so the industry can migrate deliberately instead of improvising under pressure.”
“Useful quantum computing is the biggest and most complex threat public blockchains have ever faced,” said Nic Carter, General Partner at Castle Island Ventures. “Project Eleven is building the practical bridge from research to real-world deployment.”
